Are you looking for a Help to Buy mortgage deal? Help to Buy is a government backed initiative to help first time buyers and those people wanting to move to a larger property or to purchase a larger property with as little as a 5% deposit.
The Equity Loan scheme, launched in April 2013, offers the opportunity to borrow an additional 20% of the purchase price from the Government, interest free and with no repayments for the first 5 years. At the end of the 5-year period, the loan then becomes repayable over the remaining term of the mortgage and interest is then charged. Lump sum payments can be made towards reducing the equity loan with the guidelines of the scheme.
This scheme is only available in England for new-build properties up to a maximum value of £600,000 and only applies to property being built by house-builders who have registered and been approved by the Government. Most national and many local house-builders are approved.
To qualify for an Equity Loan Help to Buy Mortgage, you must have a minimum deposit of 5% plus additional funds to pay for stamp duty, legal and other costs and qualify for a mortgage for the balance of the purchase price from a lender who is participating in the Help to Buy scheme. You cannot be the owner of an existing property.
We are proud to be part of the panel of recommended mortgage brokers for the Help to Buy south scheme, with a team of advisers who specialise in helping our customers find a Help to Buy mortgage to suit their needs.
Contact us today and we will find the best Help to Buy mortgage lender for your circumstances.